Here are the top reasons why investors hire us:
Non Exclusive – No long term contracts. You can leave at any time. If you don’t like us, you can leave with no penalties or questions.
Rave Reviews – We are constantly improving our systems and offering better services. Our Yelp reviews say it all but that’s just the tip of the iceberg.
Fast Customer Service – Multiple phone numbers for emergencies 24×7. We have hundreds of vendors in our database for quick response. Our vendors are coordinated via the web for accurate information. This page covers our maintenance processes in detail.
Since 1997 – Our broker has been managing residential, multi family and commercial properties. He has had a general contractor license, wrote a book on property management and has taken properties from being boarded up to 100% occupancy.
Quick Tenant Placement – Our hungry agents are commission only. Unlike our salaried competitors, we don’t eat unless we find you a tenant. Our online applications are tied into the MLS, Craigslist, Realtor.com and over 50 websites. Your property will have video, photos and a super easy application for tenants to fill out online. We keep those application fees low so we can get as many prospects as possible.
Tenants Pay Or Leave – Tenants can pay online, at 7-Elevens or any CVS pharmacy. If tenants don’t pay, they leave. “Elegant Departures” are the most common form of evictions as “Lock Outs” are used as a last resort. Court appearances are no problem. We eat lawyers for breakfast. This page describes our eviction processes.
Direct Deposits – You receive your money on the 15th of the month electronically. Owners and tenants can login to a tenant portal to see monthly statements.
Annual Inspections – Every year you will get report detailing what we have found at the unit and repairs if necessary.
Multiple Licensed Managers – We have bi-lingual leasing agents to assist those who speak Spanish.
Transparent Accounting – Your monthly statements show you exactly where funds go and for what reason. Our bank accounts are monitored by the Real Estate Division.
1099s – At the end of the year you will get a financial report that includes your P&L statement and your 1099.
Commercial Property Management FAQs
Do I have to pay anything up front to use your services? We charge between $100 for each door on a commercial property to set up your account.
Bounty Hunters – You will get a tenant faster if you are willing to provide a commission to another agent outside of Limestone Investments. This ranges from $200 – $12,000 depending on the type of commercial lease. Ask your agent if you want to offer this and how much you are willing to offer. 5% of the gross lease over the lease term is generally the accepted amount.
What is included in the set up?
Getting comparable rents for marketing.
Putting a lockbox on the property.
Providing you expert guidance on repairs if needed.
Creating a record in our system for tracking.
Posting the property on our site with application links.
Posting the property on the MLS and about 50 other sites.
Screening hundreds of prospects.
Going through applications.
Creating a lease.
How much do you charge to renew a lease?
Do you charge me for the period the property is vacant?
Can I stop using your services at any time?
Yes. We are confident in our services. You are welcome to leave at anytime. You don’t even need to give us a 30 day notice. We will reconcile your account within a week and pat you on the back. Most of our competitors require one year exclusive contracts. We fire more owners than owners fire us.
I could get fired as an owner?
Yep. Naughty owners get the boot every month for not reimbursing us for expenses in a timely manor or if they demand unrealistic rent prices. Vacant properties are a liability and we don’t want to be responsible for a property when a tweaker guts a building for copper. Owners who won’t fix a roof, an air conditioner or a pool get an opportunity to be someone else’s headache.
Do I have to pay some kind of “reserve”?
No. Unlike most of our competitors, we don’t want to hold your money for no reason. We trust that you will reimburse us in a timely fashion for smaller repairs and we will ask for 50% on large ticket items.
How do I get paid?
Electronically – We send you money electronically from our account to yours. It takes about 5 days to process rents. Generally, all our owners are paid by the 15th of the month unless they have a rebel tenant who pays on the 15th. We are slowly getting rid of the tenants who pay weird days.
How do you collect rent and how do I get my money?
Most of our tenants pay us electronically. The ones who need to pay cash or with a money order pay at any 7-Eleven. We do not accept checks in the mail or money in person. We do not collect cash or drive around with a baseball bat.
Day 1 – Tenants make a deposit. Most tenants have a 3 day grace period. On Day 5 we will post a 5 day notice to pay or quit.
Day 4 – We have processed rents and have their money in our account.
Day 10 – All rents have cleared the bank. Anyone who is bounced gets a 5 day notice to pay or quit.
Day 16 – Money will appear in your account.
How do you screen tenants?
Our initial screen filters out the crazies (businesses without history or moving for strange reasons). We have an online application that collects the essentials of a tenant. If a tenant is weak, then we may require higher deposits or higher rents with your permission. There are specific flags that he looks for which comes from his 20 years of experience managing tenants. Since we are on the hook to deal with them, it is in our best interest to get you a good one. Our income and reputation suffers if we get you a bad one so we are focused on getting you a good one!
- Income History – Generally, a business with a solid profit for more than 2 years job history in Las Vegas is a rock star.
- Rent History – Someone who has more than 2 years rent history is also a rare breed. There are ways for us to verify this of course but generally we are looking for the reasons why they are leaving and if they have a history of paying on time.
- Credit History – 80% of the tenants in Las Vegas have a credit history of less than 650. When we pull their credit, we are looking for specific types of credit hits that do not do not necessarily mean they are bad tenants. Medical delinquency is an example of something we sometimes overlook. We are looking for current trends and the type of credits dings that correspond to bad tenants. If they had superb history, they wouldn’t be interested in renting your property – they would own a home.
- Criminal History – We weigh someone’s criminal history with the type of property they are looking to rent. This list of exceptions and rules are too lengthy and proprietary to post here.
How long does it take you to get a tenant?
80% of our units are booked before a property is vacant. The minute a tenant announces their departure, we put the property on the market. We have turn around times as short as 6 hours. If your property is currently vacant ready AND it’s not November & December, we will have a tenant placed within 15 days IF you are priced at market.
- Price – The speed at which we get a tenant is a function of price. If you want a ridiculous price for your unit, it will never be filled. If you price your unit 30% below market, we will have a tenant for you by this weekend. Generally, we place tenants within 3 weeks at market price AND if it’s not during the November/December holidays. During the winter months, folks don’t like to move when they are expecting guests for turkey or waiting for Santa to come down the chimney. You can’t give away your property during November and December.
- Vacant Ready – Our “vacant ready” clock doesn’t start ticking until the place is ready for move in. Most rehabs take a couple days. Worst case is a week if it was really thrashed. It will take 5 weeks if the place was stripped of copper and plumbing.
Where do you advertise rentals?
The 2 primary areas are signage, Loopnet and Craigslist.
Can I review your tenant application before the tenant is placed?
What are your vacancy rates?
This question is impossible for us to answer simply because the data is too scattered. Limestone picks up 2-5 properties a week. Many of these are vacant because it was either poorly managed by a previous company or it was purchased through foreclosure or both. The other issue is season. You can’t give a property away in December as tenants have Santa Claus and booze on the brain. Your vacancy is a function of price. If you want over market price in October, your property will sit vacant until the spring.
What happens to the security / cleaning deposit?
Deposits go into a trust account that is monitored by the Nevada Real Estate Division. When a tenant moves out, a walk through is completed and any damages are paid with that deposit. Generally, we video this walk through so you can see what needs to be done if anything.
How do you handle utilities?
When your property becomes vacant AND utilities are necessary, we put the utilities in our name temporarily. Properties that have a lot more going on with pools, plants and so on which require constant utilities will keep on until the new tenant arrives.
What is a “bounty hunter”?
Bounty hunters are agents outside of who make a living placing tenants. There are hungry agents out there who do nothing but place tenants and collect bounties. That “bounty” is up to you and will range depending on how much rent you get. A general rule of thumb is 25% of your rent. If you don’t want to place a bounty, no worries, your property may sit a bit longer.
What does your maintenance process look like?
Tenants call our 24×7 maintenance number which is converted to a text to all our maintenance supervisors. A specialist is dispatched based on the complexity of the problem. If more than a couple of trades are involved, we will send a general contractor. Generally, we charge $26 for each service call but don’t mark up the vendor. If the problem is really complex and involves managing more than a couple of vendors, a major event could go up to 10% of the overall invoice (usually a major rehab). A garbage disposal for example would be the cost of the plumber + $26.
This page goes into our maintenance process in detail.
Do you mark up your vendors or get kick backs?
No. Nearly all our competitors do this. You get to see exactly how much we paid the vendor AND you can contact the vendor directly to verify how much we paid them. Kick backs from vendors is a major problem in our industry and we don’t do it. We won’t so “No” if they occasionally drop off a nice bottle of Tequila though…. But seriously. We have multiple vendors for each trade so no one ever has us by the you know what.
What happens when a tenant is late?
We spank them. The first offense gets a warning, the second offense gets a fine and a 5 day notice. Every fine afterward gets stiffer and stiffer. They either correct their behavior OR you continue to get more money. Some of our investors love late paying tenants as they can generate another 5% of income from their property. Most investors love free money.
At what point do you evict a tenant for not paying?
A rule of thumb is 50% behind. For example, if the tenant only paid $500 rent when they were supposed to pay $1000, we start eviction proceedings. Tenants will usually come to Jesus at this point. 95% either pay or leave. This rule also applies to fines. If a tenant has accumulated more than 50% in late fees, we will start the eviction process.
How do you handle evictions?
90% of our problem children leave gracefully. We have specific procedures for evictions. This page explains the eviction process in detail.
What do my eviction costs look like?
If the tenant doesn’t pay us these costs, you will. 80% of the time we get this from the tenant unless they are locked out.
5 Day Notices – $35 – This fee gets tacked onto a tenant’s rent. Once they get to the $300 point we start the eviction process.
Court Appearances – $200 – If you get a fighter and the broker has to suit up for court, this is his cost to represent you.
Lock Outs – $200 – In the rare event a “lock out” is required. This includes the constable, lock change and a video of the property.
Who handles tenant service calls? This page goes into our maintenance process in detail.
- Non-Urgent Calls Under $400 – It is cheaper, faster and better just to fix the problem. He will notify you via email about the problem with approximate costs. The vendor will then just bill us and we bill you. Examples of non-urgent calls are things like broken windows, dripping faucets, irrigation leaks… things that are not immediately jeopardizing your property or the health of the tenant.
- Non-Urgent Calls Over $400 – We will contact you to discuss your options and/or provide multiple bids. Examples of non-urgent calls over $400 would be things like water heaters, pool equipment failure… things that are not immediately jeopardizing your property or the health of the tenant.
- Urgent Calls Over $400 – If we can’t reach you immediately, we make a decision for you. Broken pipes, AC failure (during the summer), leaking roof… things that are immediately jeopardizing your property and/or the health of the tenant. This only happens about once a year and will probably never happen to you.
Do you pay my taxes, HOA fees or anything that may put a lien on my property?
- We charge $10 to pay recurring bills. Since that’s a process you can probably automate, you can save yourself $10/month.
- It’s not a good idea to give any property management company the responsibility of paying a bill that can put a lien on your property. Taxes is another bill for example that you would not want to give someone else.
- By keeping in the loop of your HOA, it gives you another set of eyes on us and the tenant. Most HOAs do not have a “multiple distribution” system which means if you transferred that responsibility to us, you would never keep posted on what’s going on in/around your condo.